Ethereum Top Price Prediction: Constantinople climb casts $170 as the next target – Confluence Detector
Ethereum is on the rise, thanks to high anticipation towards the Constantinople update that can be better described as an upgrade for the digital coin that powers ICO's. Ether has already surpassed Ripple as the No. 2 cryptocurrency or the King of Altcoins. What's next after ETH/USD crossed $150?
The Technical Confluence Indicator shows that Vitalik Buterin's brainchild does not face any resistance until $161 where we see the convergence of last month's high, last week's high, and also the Pivot Point one-day Resistance 3.
If it overcomes the level, the high target is $170. It is the meeting point of the Simple Moving Average 100 one-day and the Pivot Point one-month Resistance 1.
Looking down, support awaits at around $147 which is the confluence of the Bollinger Band 15 minute Lower, the SMA 10-1h, the PP 1d-R1, and the BB 4h-Upper.
The most significant support line is at $139 which is a dense cluster including the SMA 100-1h, the BB 4h-Middle, the SMA 501h, the SMA 5-1d, the SMA 200-15m, and the all-important Fibonacci 38.2% one-day.
Click to see the Full Confluence Indicator
Here is how it looks on the tool:
The Confluence Detector finds exciting opportunities using Technical Confluences. The TC is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies.
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This tool assigns a certain amount of “weight” to each indicator, and this “weight” can influence adjacents price levels. These weightings mean that one price level without any indicator or moving average but under the influence of two “strongly weighted” levels accumulate more resistance than their neighbors. In these cases, the tool signals resistance in apparently empty areas.
Author
Yohay Elam
FXStreet
Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.
